Batho Bonke, a South African black investor group, plans to sell its stake in Absa Group Ltd. (ASA), the lender controlled by Barclays Plc, City Press reported, citing a spokesmen for the group.
The investor group has not set a time frame for the sale, Chris Vick, a Batho Bonke spokesman told the Johannesburg-based newspaper. Batho Bonke has a 3.9 percent stake in Absa, City Press said, citing a spokesman for the bank that was not identified.
Batho Bonke, owned 47 percent by Mvelaphanda Group Ltd. (MVG), has 1.2 million shareholders including Mathews Phosa, treasurer- general of the ruling African National Congress, the newspaper said.
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